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exemption for entities whose primary business is the issuance of credit ratings (17 C.F.R. 243.100(b)(2)(iii)).

SEC. 939C. SECURITIES AND EXCHANGE COMMISSION STUDY ON
STRENGTHENING CREDIT RATING AGENCY INDEPEND-
ENCE.
(a) STUDY.—The Commission shall conduct a study of—
(1) the independence of nationally recognized statistical
rating organizations; and
(2) how the independence of nationally recognized statis-
tical rating organizations affects the ratings issued by the
nationally recognized statistical rating organizations.
(b) SUBJECTS FOR EVALUATION.—In conducting the study under
subsection (a), the Commission shall evaluate—
(1) the management of conflicts of interest raised by a
nationally recognized statistical rating organization providing
other services, including risk management advisory services,
ancillary assistance, or consulting services;
(2) the potential impact of rules prohibiting a nationally
recognized statistical rating organization that provides a rating
to an issuer from providing other services to the issuer; and
(3) any other issue relating to nationally recognized statis-
tical rating organizations, as the Chairman of the Commission
determines is appropriate.
(c) REPORT.—Not later than 3 years after the date of enactment
of this Act, the Chairman of the Commission shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Represent-
atives a report on the results of the study conducted under sub-
section (a), including recommendations, if any, for improving the
integrity of ratings issued by nationally recognized statistical rating
organizations.

15 USC 78o–9 SEC. 939D. GOVERNMENT ACCOUNTABILITY OFFICE STUDY ON ALTER-
note. NATIVE BUSINESS MODELS.
(a) STUDY.—The Comptroller General of the United States shall
conduct a study on alternative means for compensating nationally
recognized statistical rating organizations in order to create incen-
tives for nationally recognized statistical rating organizations to
provide more accurate credit ratings, including any statutory
changes that would be required to facilitate the use of an alternative
means of compensation.
(b) REPORT.—Not later than 18 months after the date of enact-
ment of this Act, the Comptroller General shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Represent-
atives a report on the results of the study conducted under sub-
section (a), including recommendations, if any, for providing incen-
tives to credit rating agencies to improve the credit rating process.

SEC. 939E. GOVERNMENT ACCOUNTABILITY OFFICE STUDY ON THE
CREATION OF AN INDEPENDENT PROFESSIONAL
ANALYST ORGANIZATION.
(a) STUDY.—The Comptroller General of the United States shall
conduct a study on the feasibility and merits of creating an inde-

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